On April 22, 2024, South Korean automobile companyHyundai Motor Group, and Spanish energy development company, Matrix Renewables, entered into a15-year agreementfor Matrix to supply Hyundai’s USA solar electricity plants with power.
Hyundai is hopeful that by signing this agreement it will be able to achieve its goal of a more sustainable supply chain via the use of green energy.
Hyundai and Matrix 15-Year Power Purchase Agreement (PPA)
The PPA between the companies covers the acquisition by Hyundai of 147 MW of generation capacity through Matrix’s Stillhouse Solar Project in Texas, securing 378 GWh of electricity per year. This is expected to reduce Hyundai’s carbon emissions by 140,000 tons.
The solar energy will be used by Hyundai to sustainably manufacture vehicles and parts at its various manufacturing facilities across the USA, including the Hyundai Motor Group Metaplant America (HMGMA) in Bryan County, GA, which manufactures electric vehicles (EVs) and their parts.
Hyundai Motor Group Metaplant America
HMGMA is the Hyundai Group’s first EV plant that’s dedicated to the manufacturing of EVs in mass production. Towards the end of 2024, the company is set to also start making EVs for its affiliates like Hyundai Motor Company, and Kia Corporation.
Along with HMGMA, Hyundai Steel Georgia Inc., Hyundai Mobis North America Electrified Powertrain LLC, and Hyundai Transys Georgia Powertrain Inc., have also signed the PPA.
About Matrix Renewables
Based in Madrid, Spain, Matrix Renewables is an energy development company that specializes in solar power and other renewable energy projects. The company focuses on the development, construction, and operation of solar photovoltaic projects worldwide.
Its projects, like Stillhouse Solar, are aimed at creating efficient and environmentally friendly solutions for power generation, and contribute to reducing carbon emissions while promoting the transition to renewable energy sources.
Hyundai and Matrix PPA—Summary
The Hyundai Group will purchase solar electricity from Matrix Renewables for the next 15 years thanks to the new PPA agreement signed by both parties, for use in the Hyundai Group’s various manufacturing facilities.
The PPA, along with Hyundai’s plans to adoptrenewable energyin all of its facilities worldwide, showcases Hyundai’s commitment to using clean, renewable energy in its factories and working towards a fully sustainable supply chain and future.
Image Credit: Shutterstock/nitpicker
